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It sounds like there are some blocking calls (sleep, mutex, critical sections, events, i/o etc) that maybe in your application. That can explain why you arent seeing your CPU pegged.

Take a look at the concurrency visualizer that our team has created. (available in Visual Studio 2010 as well as Visual Studio 11 Beta). The visualizer lets you identify excactly why each thread is blocked, and what was scheduled on each CPU.